The S&P 500 touched a record on Tuesday as technology shares rose, while Brent crude fell about 2 percent and long-dated Treasury yields pulled back from multi-decade highs.
World stocks rose to two-week highs on Tuesday as oil prices and bond yields eased, while US indexes set fresh records on technology shares, Reuters reported.
Reuters said the S&P 500 rose 0.88 percent and touched a record for the first time since mid-August. The Nasdaq was up 0.85 percent and on track for a third straight all-time high, and the Dow rose 0.76 percent. CNN later reported the S&P 500 up 0.7 percent at 7,830, its first intraday record in almost two months. Figures differed by the time of each report because the session was still open.
Nvidia rose 1.3 percent in the Reuters account and was on track for a market value of nearly $6 trillion. CNN said Nvidia accounts for more than 8 percent of the S&P 500 and is up 6 percent this month. NBC said gains were also supported by other technology names including Marvell, Palo Alto Networks and Dell.
Brent crude fell about 2 percent to $98.31 a barrel in the Reuters report, which cited resilient Middle East exports and a G7 emergency stockpile release. NBC put Brent down 1.8 percent at $98.55 and US West Texas Intermediate down 1.9 percent at $87.75. Traders scaled back the chance of a Federal Reserve rate increase this month to 22 percent from about 50 percent a week earlier, Reuters said. The 10-year Treasury yield eased after touching a 24-year high on Monday.
France's 10-year yield fell about 10 basis points to 4.75 percent after last week's surge. The euro rose 0.35 percent to 1.126 after a 17-month low. Reuters noted Spain called a snap election on Monday, adding to European political uncertainty. Earnings season is the next scheduled test for the AI-led rally.
People Sentiments Mixed
- Investors looked ahead to an earnings season expected to be driven by AI growth, Reuters reported.
- Apollo's Torsten Slok told NBC that rates may peak within the next month and that a Middle East deal could lower oil prices.